Sri Lanka returns to MRPs, confirms international orders to steer rice supply

Sri Lanka has confirmed the purchase of 500000 metric tons of rice from four global suppliers to face pressure from its domestic markets distressed by paddy shortfall for three straight seasons.  Shipments from one country are already being offloaded at Colombo Port. Sri Lanka is also returning back to its scrapped rice MRPs in the next two weeks.

Govt. mulls removing barriers to allow Lankan firms to hire foreign labour

The Sri Lankan government will look to streamline the regulatory process which has so far handicapped the ability of local companies to hire foreign labour by providing greater powers to the Immigration and Emigration Controller, according to Finance State Minister Eran Wickramaratne.

Mangala meets US Under Secretary in Washington

Finance and Mass Media Minister Mangala Samaraweera, who is currently in Washington to attend the World Bank/International Monetary Fund annual meeting, met with US Under Secretary for Political Affairs Ambassador Thomas Shannon at the US State Department.  

This govt. best bet towards sustainable growth: WAW

One of the harshest critics of government economic policies, former Central Bank Deputy Governor W.A. Wijewardena,  

Sri Lanka speeds up SME support work

No sooner the first-ever national small and medium enterprise (SME) policy of the country has been unveiled, Sri Lanka is moving to implement it without delay, the country’s Industry and Commerce Ministry said.

Filmfare selects Sri Lanka for November issue cover shoot

Sri Lanka once again proved that it was becoming a favourite hotspot to provide picturesque locations for the Bollywood film industry when it selected Sri Lanka to do the cover shoot of the November issue of Filmfare magazine with Deepika Padukone, one of Bollywood’s successful actresses. 

World must ‘seize opportunity’ of global recovery: IMF’s Lagarde

International Monetary Fund (IMF) Chief Christine Lagarde said Thursday a worldwide economic recovery is taking hold, opening a window for countries to enact reforms aimed at attaining broader, lasting prosperity.

The Big Bad Wolf in town!

The Big Bad Wolf book sale, which is considered the world’s biggest, was opened to Sri Lankan public yesterday at the Sri Lank Exhibition and Convention Centre (SLECC).

SL gets US $ 75mn WB loan to modernize financial sector

Sri Lanka yesterday signed an agreement to modernize and improve the efficiency of its financial sector, which in turn will help small businesses and entrepreneurs compete in the markets and create better jobs.

Govt. begins drafting separate legal framework for Financial City

Amid the controversy surrounding the draft new constitution, the government behind closed doors is drafting a new legal framework to administer the China-backed Colombo International Financial City (CIFC), the 500-acre Colombo sea front reclaimed for a special economic zone, Mirror Business learns. 

Sri Lanka announces free medical and personal accident cover for schoolchildren

Creating a landmark in the history of education in Sri Lanka, the Government of Sri Lanka has launched a free medical and personal accident cover for all schoolchildren of the nation.

Sri Lanka gets cautious thumps up from IMF

The International Monetary Fund last week said Sri Lanka is so far doing well in its economic reforms to reach the targets to remain eligible for the US$ 1.5 billion Extended Fund Facility (EFF), despite the challenges posed by the recent climate shocks, which has slowed economic growth below 4.5 percent.

SL should be ready to change monetary policy if private credit accelerates: IMF

The International Monetary Fund (IMF) yesterday warned Sri Lanka should be ready to change its monetary policy if any unexpected shocks lead to increased credit growth in already sensitive sectors of the economy, despite a clear decline in private credit growth. 

SL to retender ex-Cairn block for development

The Petroleum Resources Development Ministry has reopened the ex-Cairn M2 block in the Mannar Basin for development and commercialization through a limited tender offer under a strategic plan to expedite oil and gas exploration and development,

Hilton Colombo reaches 30-year mark (VIDEO)

Hilton Colombo yesterday reached the three-decade milestone in serving Sri Lanka’s tourism landscape.

Policy rates kept steady as price pressure seen easing

Sri Lanka’s Central Bank yesterday left its key policy rates unchanged as the short-term rates eased and the pressures on medium term prices in the economy appeared less of a concern. But the credit to the private sector remained stubbornly at elevated levels.   The 5–member 

Abans success now a case study at Harvard Business School6

Abans Founder Chairperson Aban Pestonjee was invited to be interviewed by Prof. Geoffrey Jones, Faculty Chair of Harvard Business School’s Business History Initiative, on the topic of ‘Creating Emerging Markets’. 

Glyphosate ban set to brew up trouble for Lankan tea exports

With the ban of the weed killer glyphosate without scientific evidence, some planters have started using alternative chemicals, running the risk of Ceylon Tea exports becoming banned in overseas markets, according to Ceylon Tea Board Chairman Rohan Pethiyagoda.

World Bank commends GoSL on positive social indicators

Executive Director of the World Bank for the constituency of India, Bangladesh, Bhutan and Sri Lanka, S. Aparna, together with the World Bank’s Country Director for Sri Lanka and the Maldives, Idah Z. Pswarayi-Riddihough, called on the Minister of Finance and Media Mangala Samaraweera this week at the Finance Ministry. 

CIMA President meets Finance Minister

Chartered Institute of Management Accountant (CIMA) President David Stanford yesterday paid a courtesy call on the Minister of Finance & Mass Media Mangala Samaraweera at the Treasury. Stanford was accompanied by CIMA Regional Vice President Venkkat Ramanan and two other CIMA officials. 

SL mulls introducing new monetary law to streamline CB’s functions

The government has resumed its efforts to restructure the Central Bank after months of silence on the matter, with Prime Minister Ranil Wickremesinghe announcing that discussions are ongoing to introduce a new monetary law.

Red clay roof tiles in high demand as asbestos ban looms

Roof tiles made out of red clay is now in high demand due to the asbestos ban that is set to come into effect next year, according to the country’s Industry and 

Govt. mulls imposing restrictions on hotel constructions in Colombo

The government may start limiting hotel construction in Colombo, as concerns of oversupply are now rising, Tourism Development and Christian Religious Affairs Minister John Amaratunga said yesterday.

PM says targeting economic leap even bigger than 1977 free market reforms

Prime Minister Ranil Wickremesinghe is eyeing to create an even bigger legacy than his uncle, the late President J.  R.  Jayewardene, with an economic leap even bigger than of Jayewardene’s 1977 free market reforms.  

Colombo International Book Fair

The Colombo International Book Fair 2017 was opened by President Maithripala Sirisena at the Bandaranaike Memorial International Conference Hall (BMICH) yesterday. Organizers, Sri Lanka Book Publishers Association said there will be around 300 – 400 local and foreign book stalls, and the fair 

Brandix named Sri Lanka’s Exporter of the Year for 5th successive year

The Brandix Group has topped Sri Lanka’s ranking of exporters for the fifth consecutive year in 2016 to be declared the country’s Exporter of the Year by the Export Development Board (EDB) at a ceremony presided over by President Maithripala Sirisena yesterday.

Hayleys to acquire Singer Sri Lanka for Rs.12.5bn

Diversified conglomerate Hayleys PLC, continuing with its buying spree, yesterday struck a mega deal to acquire a 71 percent stake in leading consumer durables retailer Singer (Sri Lanka) PLC (SSL) in a whopping Rs.12.5 billion deal.

CB, ICTA to develop new payment platform under existing laws

The Central Bank is now involved in the development of a new National Payment Platform (NPP) for digital financial transactions under existing legislation, after recent efforts to set up the platform outside the purview of the Central Bank hit a brick wall. 

Hemas Pharmaceuticals establishes regional footprint with presence in Myanmar

Leading pharmaceutical importer and distributor in Sri Lanka, Hemas Pharmaceuticals has ventured into regional shores for the first time with its entry into Myanmar to commence distribution operations as Hemas Mandalar Pharmaceuticals Ltd.  

CIC’s Rs.2 billion agri-investment to boost Lankan economy

Sri Lanka’s long-standing leader in agriculture – the CIC group – has elevated the country’s agriculture sector via futuristic investments amounting to over Rs.2 billion, which are now infusing state-of-the-art technology into the industry, thereby making an enduring impact on the livelihoods  of farmers.